Dubai Marina and Business Bay retained their status as investor hotspots as overall property transactions in Dubai totalled Dh132 billion in the first half of 2017.
This was done through 35,571 deals, and the amount represents a significant gain from the Dh113 billion recorded in the first six months of 2016, based on data from Dubai Land Department released Sunday.
Also, the Dh113 billion came from 28,251 transactions.
The Land Department numbers represent properties and plots sold across Dubai and not just within the freehold zones. The first half 2017 numbers offer further proof that the pickup in demand seen, including the record Dh100-million villa deal, at the start of the year was more or less sustained throughout the six months.
And, interestingly, the first half transactions have seen a fair share of properties being sold through the secondary market as well and not just rely principally on off-plan, according to a recent GCP-Reidin report.
“Despite global economic pressures, Dubai has once again … driven renewed growth in the region,” Sultan Butti Bin Mejren, Director-General of the Land Department, said in a statement.
Land is very much in favour in Dubai
* According to Dubai Land Department data, land sales represented Dh91 billion from around 8,000 transactions, while deals involving entire buildings were 3,887 transactions for Dh10 billion.
* In the first-half of 2017. 27,381 transactions were completed by 21,574 investors, generating Dh58 billion. Among them were deals involving 6,253 women investors and valued at Dh15 billion.
While Emirati investors ranked first in both the number and value of transactions — being involved in 4,510 transactions worth Dh15 billion — Saudi investors came in second with 1,936 transactions at Dh4 billion.
In a significant boost for the local property market, the investments put in by Gulf nationals totalled Dh21.7 billion and 16 per cent higher over the same period in 2016.
